Vienna initiative participants discuss coordination of policies affecting emerging Europe
Public sector officials from within the European Bank Coordination "Vienna" Initiative met in Vienna on Monday with the aim to enhance the coordination of national policies affecting the economies of emerging Europe, the European Bank for Reconstruction and Development (EBRD) announced late on Monday.
The meeting was attended by supervisors, central banks and fiscal authorities from host and home countries of major cross-border banks, as well as officials from EU institutions (the European Commission, the EBA, the ESRB) and International Financial Institutions (IMF, EBRD, EIB, and the World Bank Group). The European Central Bank participated as observer.
The meeting was aimed at exchanging views on how to better co-ordinate national policies in order to avoid adverse cross-border effects of the ongoing bank deleveraging in advanced Europe and to support transition toward a more sustainable banking model in emerging Europe, the EBRD said.
The European Bank Coordination Initiative launched in early 2009, helped to preserve financial stability in the Central-East European region at the height of the global financial crisis. Cross-border banking groups maintained their exposures in Central-East Europe in the aftermath of the global financial crisis and recapitalized their subsidiaries under programmes supported by the IMF and the EU with positive spillovers to other countries in the region.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.